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《巴克莱-美股-互联网与媒体行业-媒体集：3季度财报更新-20171103-barclays-internet & media media muster q3 earnings update》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。
1、EquityResearch3November2017Internet&MediaMediaMuster:Q3EarningsUpdateINDUSTRYUPDATEU.S.Cable&SatelliteCommunicationsCBSQ3lowerthanexpectations:CBSreportednumberslowerthanour/consensusPOSITIVEexpectations.Thiswaslargelyonadvertising(-5%vs.exp.of-2.5%)andlicensingUnchangedr
2、evenueslowerthanexpected.Whilesomeweaknesswasexpectedduetoweakratingsandthedelayinsigningsomelicensingdeals,scalewasgreaterthanexpected.WhileU.S.Medialicensingrevenuemissisduetotiming,pressureonratingsislikelytoshowupinQ4NEUTRALadvertisingresults(wehaveflatgrowthdespitean
3、extraTNFgameinQ4vs.lastyear).UnchangedVisibilityaround2018islimitedgivenratingstrends.Beyondthis,cashflowislikelytoseegreaterworkingcapitaluseasproductionvolumesscaleuptosupportAllAccess.Forafulllistofourratings,pricetargetandAsweindicatedrecently(seeCBS:UnderstandingCash
4、FlowDynamics,Oct.16,2017),earningschangesinthisreport,pleaseseethisdynamic,combinedwiththecompany’sleverageandlackofmonetizableassetsontableonpage2.thesamescaleasRadioandOutdoorsimpliesalowerpaceofbuybacksincomingyears.CBSguided2018buybacksdownto~$800mm-$1bn,understandabl
5、egiventheU.S.Cable&SatelliteCommunicationsstepupin2017onthebackofRadiosale.However,lookingoutlonger,itistoughtoU.S.MediabelievethatthenormalizedpaceofbuybacksthenextthreeyearswillbecomparabletoKannanVenkateshwarthelastthree.WhileCBSisoneoffewmediacompanieswitharelativelyw
6、elldefined+12125287054pathtodealwithtransitiontodigital,thebalancingactrequiredistrickygivenitskannan.venkateshwar@barclays.comsubstantialadexposure,ownershipstructure,balancesheetandcompetitivelandscape.BCI,USDSLcompetitionpressuresATUSsubsmorethanfiberoverbuild:AlticeUS
7、AreportedShelleyYangresultsyesterdayinlinewithourexp.ontop-lineandEBITDAbutslightlyworseon+12125260416subscribernetadds.Suddenlink’sperformancewasweakerthanexpectedbutoffsetbyshelley.yang@barclays.comCablevisioncominginbetter.ThisdespitetheunderlyingmarketthatSuddenlinkse
8、rvesBCI,USbeingrelativelyunder-penetrated(~40%vs.45-50%forothercablecos.)andhasonlyDivyaunshDiva
